Daily Spot
A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today”s Market Wrap.
Eurodollar Dec Contract (EC, ETF: (FXE))
Friday”s gap down immediately retested Tuesday”s gap down to neutralize its attraction. That didn”t prevent extending to fresh lows. The session didn”t recover, so a bottom hasn”t formed. And since Monday mornings tend to duplicate Friday”s trending, lower lows remain likely. However, that Friday-Monday relationship can be fulfilled by trading down to Friday”s lows after gapping up, and then rallying through the afternoon.
Gold Dec Contract (GC, ETF: (GLD))
The follow-through to Tuesday”s sell signal finally appeared Friday, in aggressive and substantial probe of new lows that was expected. Thanks to the delay, the drop also qualifies as a new breakout. So, a second consecutive lower close Monday would confirm, and require an eventual third lower close on the way to 1167.50.
Silver Dec Contract (SI, ETF: (SLV))
Friday”s initial reaction down on the Employment Situation report was quickly retraced back into the week”s range. That was brief, and the balance of the morning trended down to fresh lows.
30-year Treasury Dec Contract (US, ETF: (TLT))
Friday morning”s reaction to the Employment Situation report was surprisingly brief and relatively shallow. All potential corrective rally targets had been met and held, and retested, with a reaction down already underway into the news. The news sent prices yet lower from to 138-11. Despite having so little attraction above and so much momentum pointing down, the balance of the morning ranged choppily sideways, narrowing through the noon hour and probing further into positive territory in the afternoon. That”s not a bearish resolution, not yet.
Crude Oil Nov Contract (CL, ETF: (USO))
Firming overnight to test 91.75 gave way to a drop back into Thursday”s range on Friday. Closing at or under 89.85-90.15 creates room for dropping down to 87.25 or 85.95, albeit temporarily. Closing back above 91.60 would instead put 93.00-93.50 back in-play without delay.
Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday night”s bounce above 4.01 was retraced at Friday”s open to fill the gap back to Thursday”s 3.95 close. The balance of the session rallied back to and through the overnight high, putting the rally back in-play.